Complete Genomics Reports Third Quarter 2012 Results

Complete Genomics Reports Third Quarter 2012 Results
MOUNTAIN VIEW, Calif., Nov. 9, 2012 (GLOBE NEWSWIRE) -- Complete Genomics,
Inc. (Nasdaq:GNOM), the whole human genome sequencing company, today announced
financial results for its fiscal quarter ended September 30, 2012.
Third Quarter 2012 Results
*We delivered data for over 2,200 genomes, including approximately 200
non-revenue generating genomes for our cancer grant programs, our
Wellderly study collaboration, and the 1000 Genomes Project.
*We recognized revenue for approximately 1,900 genomes.
*Revenue was $7.3 million, compared to $4.2 million in the third quarter of
2011.
*Costs and operating expenses were $24.6 million, compared to $25.0 million
in the third quarter of 2011.
*Net loss was $18.0 million, compared to $21.6 million in the third quarter
of 2011.
In the third quarter of 2012, we recorded $7.2 million in expenses related to
costs of services, compared to $8.2 million in the third quarter of 2011.
Research and development expenses were $8.9 million during the third quarter
of 2012, compared to $9.5 million in the third quarter of 2011. Sales and
marketing expenses were $3.7 million during the third quarter of 2012,
compared to $3.5 million in the third quarter of 2011. General and
administrative expenses were $4.7 million during the third quarter of 2012,
compared to $3.8 million in the third quarter of 2011.
We ended the third quarter 2012 with $34.7 million in cash, cash equivalents,
and short-term investments including $6.0 million received from a subsidiary
of BGI-Shenzhen as part of the bridge financing related to the pending
transaction with BGI-Shenzhen.
The company's backlog as of September 30, 2012 was approximately 3,800 revenue
generating genomes, representing an aggregate revenue potential of
approximately $18 million.
The company will not be hosting a conference call to discuss our financial
results for the third quarter of 2012.
About Complete Genomics
Through its pioneering sequencing-as-a-service model, Complete Genomics
provides the most accurate whole human genomes available today. The ease of
use and power of Complete's advanced informatics and analysis systems provide
genomic information needed to better understand the prevention, diagnosis, and
treatment of diseases. Additional information can be found at
http://www.completegenomics.com.
Caution Regarding Forward-Looking Statements
This press release contains certain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934, each as amended, including statements
regarding potential revenue from order backlog. These forward-looking
statements are based on management's current expectations, are not guarantees
of future performance, and involve certain risks and uncertainties that could
cause actual results to differ materially from management's current
expectations and these forward looking statements. These risk and
uncertainties include, the ability of the Company to maintain customer
relationships, the timing of sample arrivals from customers, delays in
sequencing or customer acceptance of sequencing data, as well as other risks
detailed in our most recent Annual Report on Form 10-K (filed with the SEC on
March 9, 2012), our most recent Quarterly Report on Form 10-Q (filed with the
SEC on August 9, 2012) and the Quarterly Report on Form 10-Q we expect to file
with the SEC on or about November 9, 2012. We disclaim any obligation to
update information contained in our forward-looking statements, whether as a
result of new information, future events or otherwise.
Complete Genomics, Inc.
Condensed Consolidated Statements of Comprehensive Loss
(in thousands, except share and per share amounts)
(unaudited)
Three months ended Nine months ended
September 30, September 30,
2012 2011 2012 2011
Revenue $7,276 $4,177 $19,877 $16,875
Cost and expenses:
Cost of revenue 7,228 8,182 20,648 20,886
Research and development 8,867 9,546 26,506 24,382
Sales and marketing 3,678 3,455 13,573 9,293
General and administrative 4,675 3,810 12,392 10,058
Restructuring charges 144 -- 1,640 --
Total cost and expenses 24,592 24,993 74,759 64,619
Loss from operations (17,316) (20,816) (54,882) (47,744)
Interest expense (674) (799) (2,173) (1,949)
Interest and other income 1 9 7 (333)
(expense), net
Net loss $ (17,989) $(21,606) $(57,048) $(50,026)
Net loss per share — basic and $(0.52) $(0.65) $(1.68) $(1.72)
diluted
Weighted-average shares of
common stock outstanding used 34,334,730 33,076,940 33,966,760 29,135,162
in computing net loss per
share—basic and diluted
Comprehensive loss $ (17,989) $(21,606) $(57,048) $(50,026)
Complete Genomics, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
September 30, December 31,
2012 2011
Assets
Current assets
Cash and cash equivalents $34,715 $77,074
Investments -- 6,000
Accounts receivable, net 5,388 6,488
Inventory 6,764 4,121
Prepaid expenses 1,333 1,141
Other current assets 95 341
Total current assets 48,295 95,165
Property and equipment, net 31,393 33,592
Other assets 1,132 1,446
Total assets $80,820 $130,203
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable $4,974 $5,363
Accrued liabilities 5,980 5,400
Notes payable, current 19,436 7,099
Convertible notes payable 6,000 --
Deferred revenue 9,089 10,026
Total current liabilities 45,479 27,888
Notes payable, net of current -- 16,162
Deferred rent, net of current 2,899 3,539
Total liabilities 48,378 47,589
Stockholders' Equity
Preferred stock -- --
Common stock 34 33
Additional paid-in capital 300,652 293,777
Accumulated deficit (268,244) (211,196)
Total stockholders' equity 32,442 82,614
Total liabilities and stockholders' equity $80,820 $130,203
CONTACT: Complete Genomics, Inc.
Scott Sandler
Investor Relations
(650) 943-2788
ssandler@completegenomics.com